Time to short sell your home?
What is a short sale? A short sale is when the amount of the outstanding loans is greater than the amount for which the home could sell. This could be attributed to many reasons, but commonly is a result of a rapidly declining real estate market.
Short sales may be a way for homeowners to prevent foreclosure and get out from under their loan with the lender by settling.
The process of a short sale...
First, figure out the true market value of your house. For those whose finances are already strained, engaging a licensed appraiser may not be an option. Therefore, an experienced local real estate agent that knows the current conditions of the Grand Prairie real estate market is the best way to get an accurate estimate of what your home could sell for.
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Next, calculate your closing costs. My work in this area has taught me to take into account fees such as title report, appraisal, escrow, property taxes, and agent commissions to calculate your final costs at closing.
Finally, call your lender and tell them of your situation. They may even have a specific department that oversees short sales. Ask about their exact process. Some lenders will be more able to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to give approval for the final sale.